SIA CEO Goh Choon Phong’s pay falls to S$7.01m despite record net profit
Singapore Airlines CEO Goh Choon Phong’s annual remuneration dropped 13.5% to S$7.01m in FY2024/25, even as the airline posted a record S$2.78b net profit boosted by the Air India-Vistara merger.
- SIA CEO Goh Choon Phong earned S$7.01m in FY2024/25, down 13.5% from previous year.
- SIA achieved record net profit of S$2.78b, aided by a S$1.1b one-off gain from Air India-Vistara merger.
- Operating profit fell 37% to S$1.71b amid lower yields; staff received 7.45 months’ bonus.
Singapore Airlines (SIA) chief executive officer Goh Choon Phong received S$7.01 million (US$5.47 million) in remuneration for the financial year ending 31 March 2025, according to the airline’s annual report released on 25 June.
The figure represented a 13.5 per cent decline compared to the S$8.11 million awarded in the previous year.
Breakdown of remuneration
Goh’s FY2024/25 package comprised a base salary of S$1.46 million, performance-related bonuses totalling S$3.12 million, and shares and other benefits worth S$2.44 million.
Airline’s financial performance
Despite the CEO’s lower pay, SIA reported a record net profit of S$2.78 billion. This was slightly higher than the S$2.68 billion posted in the preceding year.
The result was driven in part by a one-off gain of about S$1.1 billion from the merger of Air India and Vistara.
However, SIA’s operating profit fell 37 per cent year-on-year to S$1.71 billion. The airline attributed the decline to a 5.5 per cent fall in passenger yields, as increased global airline capacity intensified competition.
Employee profit-sharing bonus
Eligible staff received a profit-sharing bonus of 7.45 months, down from the record 7.94 months distributed the year before.
While this was slightly lower, the payout reflected the company’s effort to recognise employee contributions during a year of challenges.
Chairman’s statement
In his message to shareholders, SIA chairman Peter Seah described the airline’s performance as “another impressive” result amid global uncertainties such as inflation, geopolitical tensions, and trade disruptions.
He stressed that the SIA Group remains “in a strong position to not only withstand these changes but to shape them.”
Industry context
The remuneration disclosure comes as airlines worldwide grapple with narrowing yields following rapid capacity expansions after the pandemic recovery phase.
SIA’s ability to post a record profit, despite falling operating margins, reflects the significance of the Air India-Vistara merger in boosting its bottom line.
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